Fondazione CRT to Sell Stakes in SocGen, Sabadell, Sole Says

Fondazione CRT is preparing to sell its stakes in France’s Societe Generale SA (GLE) and Spain’s Banco Sabadell SA to free up funds to subscribe to UniCredit SpA (UCG)’s planned capital increase, Il Sole 24 Ore reported on its website today, without saying where it got the information.

Fondazione CRT owns a 0.86 percent stake in Societe Generale that would be worth 110 million euros ($143 million) at current share prices, the Milan-based newspaper said. Fondazione CRT owns 1 percent of Sabadell, an asset valued at 42 million euros at current prices, Sole said. Fondazione CRT is leaning toward selling the stakes and hasn’t set any schedule for the sales, the business daily said.

Fondazione CRT, a Turin, Italy-based banking foundation, directly owns a 3.3 percent stake in UniCredit and needs to invest about 300 million euros to maintain its share at the Italian bank’s planned capital increase, Sole said. Fondazione CRT plans to fund the operation two-thirds through equity and one-third through debt, the newspaper said.

Calls to a Fondazione CRT spokesperson’s office and mobile telephones outside office hours today weren’t answered.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at

To contact the editors responsible for this story: Frank Connelly at; Edward Evans at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.